Paints and coatings market forecast at $263 billion by 2033
Wilmington, DE – The global paints and coatings market is estimated to be valued at US$ 160,054,3 million in 2023 and is expected to grow at a CAGR of 5.1% during the forecast period of 2023–2033 according to Fact.MR
The global paintings and coatings industry is a vital sector of the global economy that includes companies that manufacture and distribute a wide range of products, including architectural and industrial coatings, automotive paints, and wood coatings. This industry is driven by technological advancements, consumer trends, and government regulations.
On a global level, the paints and coatings market is undergoing tremendous change. The demand for coatings with higher physical properties and great durability is driving the industry. Along with increased construction projects and rising auto manufacturing, the development of infrastructure is another factor in the market’s expansion.
Additionally, the adoption of waterborne and powder coatings has resulted from the move toward ecologically friendly paints and coatings, which is further fuelling market expansion. Additionally, businesses are exploring the possibilities of smart coatings and nano coatings in a variety of sectors, including consumer electronics, healthcare, and aerospace, to create new opportunities in the market.
Key Takeaways from the Market Study
The global paints and coatings market is projected to grow at 5.1% CAGR and reach US$ 263,205.3 million by 2033
The market reached a valuation of US$ 151,891.2 million in 2022 growing at a CAGR of 2.7% between 2018 to 2022
Architectural application is estimated to grow at a CAGR of 4.8% during the forecast period
The U.S. paints and coatings market is estimated to reach a valuation of US$ 23,159 million by the end of the year 2033
The market of paints and coatings in China is expected to grow at a rate of 7.7% by the year 2033
South Korea’s paints and coatings market is estimated to reach a valuation of US$ 6,984.6 by 2033
“Soaring Popularity of Architectural Paints is Set to Drive a Significant Increase in Demand for Paints and Coatings.” says a Fact.MR analyst.